WS #7441

The dominant narrative remains the Iran conflict and its impact on energy markets, with oil prices surging (WTI +4.20%, Brent +3.33%) and the Strait of Hormuz disruption causing fertilizer prices to rise over 50%. The situation is escalating: an Iranian kamikaze drone struck an oil refinery in Erbil, Iraqi Kurdistan, and the UAE has asserted its right to confront any threat, signaling potential regional escalation. The Fed transition is confirmed: Jerome Powell named temporary chair until Kevin Warsh is sworn in, a high-significance development for monetary policy expectations. On the macro front, Appaloosa hedge fund dumped major airline stocks (DAL, AAL, UAL) due to soaring fuel costs, while loading up on Amazon and Uber. Soros Fund took a new stake in Talkspace and increased Nvidia and Warner Bros. Discovery. The Trump-Xi summit produced little progress on trade sticking points, per Bloomberg. UK defence spending set to rise by £18bn. No MAG7-specific contradictory signals emerged; the tech selloff narrative remains intact.